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If you receive a free ticket to a concert, what, if anything, is your opportunity cost of attending the concert? How does your opportunity cost change if miserable weather on the night of theconcert requires you to leave much earlier for the concert hall and greatly extends the time it takes to get home afterward?
At its profit-maximizing output, a pure nondiscriminating monopolist achieves: neither productive efficiency nor allocative efficiency. both productive efficiency and allocative efficiency. productive efficiency but not allocative efficiency.
The owner-manager of Good Guys Enterprises obtains utility from income (profit) and from having the firm behave in a socially conscious manner, such as making charitable contributions or civic expenditures. Can you set up the problem and derive th..
the fully allocated cost of a product is $10. If the price elasticity of demand for the product is -2, then the firms optimal markup is: 10%, 100%, 200%or 300%.
Briefly explain the use of graphs as a way to represent economic relationships. What is an inverse relationship How does it graph What is a direct relationship How does it graph Graph and explain the relationships (other things equal) you woul..
Explain why the price elasticity of demand is generally a negative number, except in the cases where the demand curve is perfectly elastic or perfectly inelastic. What would be implied by a positive price elasticity of demand
If the goal of the transit authority was to maximize total revenues, what is the new price it should set? Also, what would the total revenue raised in this new price scheme?
Monthly Gross Income: $3,000 Money you have in savings for a down payment: $9,500 You have monthly payments for all existing debts of $400 How much do you qualify to borrow (assume 28% debt to income ratio and 10% down payment)
Suppose there are 100 workers in the economy in which all workers must choose to work a risky or a safe job. Worker 1's reservation price for accepting the risky job is $1; worker 2's reservation price is $2, and so on. Because of technological re..
Which graph best illustrates the market for typewriters after technological advances in computerized word-processing software occur - different markets with changes in either the supply curve or the demand curve.
Suppose a medical study reveals new benefits to consuming beef, and at the same time a bumper corn crop reduces the cost of feeding cattle. The equilibrium quantity of beef will stay the same.
Politicians who support the green movement often argue that it is profitable for firms to pursue a strategy that is "environmentally friendly" (for example, by building factories that do not pollute and are not noisy), because workers will be will..
An excise tax of $1.00 per gallon of gasoline placed on the suppliers of gasoline in a market with downward sloping demand and upward sloping supply would raise the equilibrium price. a exactly $1.00 per gallon.
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